Income Statement

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Last updated 12:44 AM on 9/23/26
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4 Terms

1
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Net Income Equation

All Revenues and Gains - total of all expenses and losses

2
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Categories that fall on income statement (multistep)

sales revenue

Cost of goods sold

Selling, general and administrative expenses

Research and development

Operating income

Other income

Income from continuing operations. Score income taxes

Income tax expense

<p>sales revenue</p><p>Cost of goods sold</p><p>Selling, general and administrative expenses</p><p>Research and development</p><p>Operating income</p><p>Other income</p><p>Income from continuing operations. Score income taxes</p><p>Income tax expense</p>
3
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Gross Profit equals?

Sales revenue - cost of goods sold

4
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Single step format for income statement categories

All revenues and gains into a single total

Expenses and losses in single total